Denver-based Yes! manages tens of thousands of factory-built affordable homes in the US
[SINGAPORE] Brookfield Asset Management is in talks to acquire Yes! Communities from Singapore’s GIC in a deal valued at more than US$10 billion, the Financial Times reported on Sunday (Sep 14).
Brookfield has been negotiating the acquisition for months, but no agreement has been reached yet, the report said, citing three people familiar with the matter.
New York-headquartered Brookfield is a global alternative asset manager with more than US$1 trillion of assets under management.
Denver-based Yes! manages tens of thousands of factory-built affordable homes across about 300 communities in the US, particularly in the Midwest and south-east, FT said.
Founded in 2007, it typically leases small, single-storey homes and is regarded as a key player in the US affordable housing market.
In August 2016, Yes! sold a 71 per cent equity interest in its combined businesses to two global institutional investors, including affiliates of GIC. The transaction value was not disclosed, though media reports at the time placed it at more than US$2 billion.
In December 2024, reports said Yes! was exploring an initial public offering that could raise US$1 billion or more in 2025. The company was said to be working with Goldman Sachs, though no final decision had been made.
GIC, one of the world’s largest sovereign wealth funds, reported an annualised rolling 20-year real rate of return of 3.8 per cent for the period ended Mar 31, 2025.
The return, which accounts for inflation, covered the 20 years from April 2005 to March 2025. The US remains GIC’s largest market for capital deployment.
